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Explained: Why Shares of Sudarshan Chemicals surged the most in a year
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Nearly 45% of Sudarshan Chemicals’ overall topline comes from the export market.
Shares of Sudarshan Chemicals Ltd. surged as much as 10% on Tuesday, marking their biggest single-day gain since May 2023.
The move comes after one of the largest pigment players globally – Heubach GmbH has filed for the opening of regular insolvency proceedings.
According to brokerage firm Centrum, Sudarshan Chemicals is the third largest pigments player globally after DIC and Heubach and that the insolvency of a large player will create a void in the interim period.
Centrum’s note further stated that Sudarshan Chemicals can strengthen its market presence across the export market and gain some “irreversible market share.” Nearly 45% of Sudarshan Chemicals’ overall topline comes from the export market.
Sudarshan Chemicals has also strengthened its specialty portfolio in recent times with new product launches and validations.
Promoters of Sudarshan Chemicals pared some stake in the March quarter and currently own 33.22% stake in the company, compared to 35.82% stake in December. India’s mutual funds currently own 13% stake in the company, with ICICI Prudential, Mirae Asset Smallcap, HDFC Smallcap and Axis Mutual Fund among the key shareholders.
Veteran market investor Vijay Kedia also owns a 1.44% stake in Sudarshan Chemicals.
Shares of Sudarshan Chemicals are trading 9.6% higher at ₹690.45. The stock has risen 70% over the last 12months.
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